MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	KORES (INDIA) LIMITED
Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.1936
Com. Reg. No.:	11-002494
Capital Investment / Paid-up Capital :	Rs.130.000 Millions
CIN No.: [Company Identification No.]	U21198MH1936PLC002494
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12588C / MUMK12076B / MUMK11758F
PAN No.: [Permanent Account No.]	AAACK5069Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stationery Products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Vimal Bagadia
Designation :	Finance Manager
Contact No.:	91-22-24476800
Date :	27.04.2012

LOCATIONS

Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24476800
Fax No.:	91-22-24476999
E-Mail :	info@kores-india.com legal@kores-india.com response@kores-india.com sunilcs2004@rediffmail.com
Website :	http://www.kores-india.com
Corporate Office :	Pharmaceuticals and Chemical Division C – 7/ 1 – B, TTC Industrial Area, MIDC, Pawane, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-24946555
Fax No.:	91-22-24950401
Factory :	Business and Computer Systems Division Mumbai Bldg. No. K-11, New Arihant Compund, Village - koper, Taluka - Bhiwandi Dist. Thane, Maharashtra, India Chakan (Foundry Division) Chakan Talegoan Road, Gat no. 109, Chakan Talegoan Road, Chakan – 410 501 Dist.: Pune, Chakan, Maharashtra, India Pithampur (Engineering Division) Plot No. 6, Area No.1, Pithampur, Dist. Dhar, M.P. 454775, Pithampur Thane: 1^st Pokharan Road, Thane (West) – 400 606, Maharashtra, India [Area : Owned] Indore: Plot No. 6, Industrial Area No.1, Pithampur, Indore – 452 001, Madhya Pradesh, India Wankaner: (Textile Division) Shri Amarsinhji Mills, Post Bag No.3, Wankaner – 363 621, Gujarat, India [Area : Owned] Pune: Plant No. I: E-14, 15 and 16, Bhosari Industrial Area, Pune – 411 026, Maharashtra, India Tel. No.: 91 20 7120741 / 7120511 Fax No.: 91 20 7120014 Area : Owned Plant No. II: Gat No. 149, Chakan, Talegaon Road, Chakan, Dist. Pune – 410 501, Maharashtra, India Area : Owned Roha: Plot No. 59A, 65B, 65C and 66A, MIDC, Industrial Area, Dhatav, Roha, Dist. Raigad, Maharashtra, India Area : Owned Rudrapur (Uttaranchal): Plot No. 15, Sector 211 E, Panthnagar, Rudrapur – 263154, Uttaranchal Area : Owned

DIRECTORS

(AS ON 29.09.2011)

Name :	Mr. Sushil Kumar Thirani
Designation :	Chairman and Whole Time Director
Address :	Flat No. 7, A wing, Sea Face Apartment, 50, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	20.10.1930
Qualification :	Inter Science
Date of Appointment :	30.11.1956
DIN No.:	00082283
Name :	Mr. Anand Kumar Thirani
Designation :	Managing Director
Address :	Flat No. 19 and 20, Firpose Co-operative Society Limited, 47A-Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.09.1956
Qualification :	B. Com.
Date of Appointment :	29.05.1981
DIN No.:	00082344
Name :	Mr. Rajkumar Hanumanprasad Saboo
Designation :	Whole Time Director
Address :	Flat No. 1902, C Wing, Gundecha Garden, Lal Baug, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	19.12.1964
Date of Appointment :	01.04.2005
DIN No.:	00053600
Name :	Mr. Karuna Kara Govinda Menon
Designation :	Director
Address :	6B, Kannarkat, Condominiums, T.O.C.H. School Road, Vyttilla, Ernakulam-682019, India
Date of Birth/Age :	08.03.1930
Qualification :	B. Sc., (Tech.), A.M.I.I. Chem. E., A.M.I. Indus. E. (Ind.)
Experience :	54 Years
Date of Appointment :	01.04.2005
DIN No.:	00086420
Name :	Mr. Jagdish Prasad Gupta
Designation :	Director
Address :	Flat No. 104, Azalea Apartments, Naber, Pune-411045, Maharashtra, India
Date of Birth/Age :	15.10.1935
Date of Appointment :	20.11.1997
DIN No.:	00053681
Name :	Mr. Satish Kantilal Patel
Designation :	Director
Address :	604, Sibylle Apartments, 65, Worlihill Estate, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	16.05.1936
Date of Appointment :	26.08.2004
DIN No.:	00081904
Name :	Mr. Sameer Ashok Mehta
Designation :	Director
Address :	702, Sukh Sagar Building, Sir Bhalchandra Road, Matunga, Mumbai – 400019, Maharasahtra, India
Date of Birth/Age :	29.11.1976
Date of Appointment :	25.08.2010
DIN No.:	02945481

KEY EXECUTIVES

Name :	Mr. Sunil Agarwal
Designation :	Company Secretary
Address :	2B, Edenwoods Bayhouse CHS Limited, Lady Alvares Marg, Thane (West), Mumbai – 400610, Maharashtra, India
Date of Birth/Age :	22.03.1977
Date of Appointment :	01.01.2009
PAN.:	AHJPA2614E
Name :	Mr. Vimal Bagadia
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
A. K. Thirani	4490000
Videocon Industries Limited	1780000
Shashi Finance Private Limited	1107836
Value Industries Limited	610000
Godavari Corporation Private Limited	451410
Yash Society	390000
Yashovardhan Birla	372000
Sushil Kumar Thirani (Huf)	344000
Sushil Kumar Thirani	264198
Sushil Kumar Thirani	200000
Solar Packaging Private Limited	173252
Futuristic Securities Limited	162400
Sushila Devi Thirani	150818
Neha Thirani	125120
Sushila Devi Thirani	50000
Shashi Finance Private Limited	44860
Rekha Thirani	30504
Yashovardhan Birla	30240
Arvind Bajoria	25920
Asian Distributors Private Limited	14400

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	39.54
Directors or relatives of Directors	51.68
Other top fifty shareholders	7.74
Others	1.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stationery Products.

Products :

Products	ITC Code No.
Bulk Drugs and Drugs Intermediates	29.39
Other Cast Articles of Iron and Steel	73.25
Carbon Paper	48.16

Exports :

Products :

Stationery Products

Countries :

Africa and European Countries

Imports :

Products :

Raw Material

Countries :

China

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Drilling Equipments etc	Nos.	90	45	37
Yarn	Kgs.	41760 Spindles	41760	5415648
Castings	MT	35760	35760	24139
Bulk Drugs and Drug Intermediates	Kgs.	NA	1448000	965855
Speciality Chemicals	MT	23	18	12
Encoder/ Reader Sorter	Nos.	3600	3600	21

GENERAL INFORMATION

Suppliers :

· Padamji Soni Chemical

· TTC Limited

Customers :

Wholesalers and Retailers

Tata Motors

No. of Employees :

2000 (Approximately)

Bankers :

· Central Bank of India,

Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Mumbai – 400023, Maharashtra, India

· Bank of Baroda, Bhadra Branch, Ahmedabad, Gujarat, India

· Dena Bank

· State Bank of Indore

· State Bank of India

· ICICI Bank

· Kotak Mahindra Bank

· Indusind Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	819.311	397.720
Loans Taken for Vehicles Secured	6.363	8.343
Other Debts Secured	800.776	706.037
Interests Accrued due Secured Loans	2.831	2.887
Total	1629.281	1114.987
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Bank Unsecured	5.554	0.000
Loans Directors Unsecured	10.300	0.000
Fixed Deposits Unsecured	13.750	9.032
Others Debt Unsecured	74.721	99.193
Interests Accrued due other debt unsecured	0.000	2.176
Total	104.325	110.401

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	901-A, Twin Tower, Lokhandwala Complex, 2^nd Cross Lane, Andheri (West), Mumbai-400053, India
PAN.:	AAOFS5579C
Associates :	· Kores Services Limited · Shashi Finance Private Limited · Quality Inks Private Limited · Futuristic Securities Limited · Solar Packaging Private Limited · Vishvakirti Consultancy Limited · Pepega (Insulation and Packaging) Limited · Shri Amarsinhji Stationery Industries Limited · Magna Iinks Limited · Nandini Chemicals Private Limited · Art Enterprises

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
250000	11% Redeemable Preference Shares	Rs.100/- each	Rs.25.000 Millions
	Total		Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions
200000	11% Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.130.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		130.000	75.000	75.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		928.388	824.448	809.646
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1058.388	899.448	884.646
LOAN FUNDS
1] Secured Loans		1629.281	1114.987	1252.454
2] Unsecured Loans		104.325	110.401	135.031
TOTAL BORROWING		1733.606	1225.388	1387.485
DEFERRED TAX LIABILITIES		55.388	51.300	49.608
TOTAL		2847.382	2176.136	2321.739
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1783.308	1101.203	1095.358
Capital work-in-progress		18.002	28.629	19.668
INVESTMENT		12.387	22.562	41.244
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	993.912	944.502	1012.431
	Sundry Debtors	1340.040	866.345	982.695
	Cash & Bank Balances	74.321	68.474	64.772
	Other Current Assets	4.470	7.562	8.045
	Loans & Advances	463.897	501.422	516.789
Total Current Assets		2876.640	2388.305	2584.732
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1549.385	1103.003	215.880
	Other Current Liabilities	249.638	222.940	1164.676
	Provisions	43.932	38.620	38.707
Total Current Liabilities		1842.955	1364.563	1419.263
Net Current Assets		1033.685	1023.742	1165.469
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2847.382	2176.136	2321.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6749.917	7013.063	7833.957
		Other Income	45.756	62.782	82.758
		TOTAL (A)	6795.673	7075.845	7916.715
Less	EXPENSES
		Consumption Materials Changes Inventories	4278.905	4959.450
		Manufacturing Services Cost	899.628	640.193
		Contract Cost	42.489	29.924
		Employee Related Expenses	620.286	471.271	7399.223
		Administrative Selling Other Expenses	604.046	598.114
		Prior Period Items	1.856	1.856
		Extraordinary Items	(204.397)	0.414
		TOTAL (B)	6242.813	6701.222	7399.223
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		552.860	374.623	517.492
Less	FINANCIAL EXPENSES (D)		161.848	172.520	201.668
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		391.012	202.103	315.824
Less/ Add	DEPRECIATION/ AMORTISATION (F)		168.445	168.873	151.103
	PROFIT BEFORE TAX (E-F) (G)		222.567	33.230	164.721
Less	TAX (H)		53.399	9.449	21.484
	PROFIT AFTER TAX (G-H) (I)		169.168	23.781	143.237
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		587.969	576.873	460.145
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	6.600	5.500	5.500
		Proposed Dividend on Preference Shares	2.200	2.200	2.200
		Distribution Tax on Proposed Dividend	1.428	1.279	1.309
		Transfer to General Reserve	0.000	3.706	17.500
	BALANCE CARRIED TO THE B/S		746.909	587.969	576.873
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	479.388	680.485	406.846
	TOTAL EARNINGS		479.388	680.485	406.846
	IMPORTS
		Raw Materials	NA	231.289	121.799
		Stores & Spares	NA	9.403	14.894
		Capital Goods	NA	6.609	22.753
		Finished Goods	NA	165.107	101.314
		Trading on Highseas	NA	0.000	28.449
	TOTAL IMPORTS		NA	412.408	289.209
	Earnings Per Share (Rs.)		15.18	3.92	25.64

Particulars	31.03.2012
Sales Turnover [Approximately]	7000.0000 [Due to more orders]

Expected Sales (2012-13) : Rs.7000.000 Millions.

The above information has been parted by Mr. Vimal Bagadia.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.49	0.34	1.81
Net Profit Margin (PBT/Sales)	(%)	3.30	0.47	2.10
Return on Total Assets (PBT/Total Assets}	(%)	4.87	0.95	4.48
Return on Investment (ROI) (PBT/Networth)		0.21	0.04	0.19
Debt Equity Ratio (Total Liability/Networth)		3.38	2.88	3.17
Current Ratio (Current Asset/Current Liability)		1.56	1.75	1.82

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	1549.385	1103.003	215.880

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from Korea House, Plot No.10 Off Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India, to the present address w.e.f. 10.06.2011.

FORM 8:

Corporate identity number of the company	U21198MH1936PLC002494
Name of the company	KORES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India legal@kores-india.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10195947
Type of charge	· Immovable Property · Book Debts · Movable Property · Others (Current and Fixed Assets)
Particular of charge holder	Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Mumbai – 400023, Maharashtra, India adlalwani@rediffmail.com
Nature of instrument creating charge	Extension of Memorandum of Entry
Date of instrument Creating the charge	09.12.2011
Amount secured by the charge	Rs.418.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipulated by Bank from Time to Time Terms of Repayment As Stipulated by Bank from Time to Time Margin As Stipulated by Bank from Time to Time Extent and Operation of the charge Total Limit Rs. 4180.000 Millions And/ Or As Stipulated by Bank from Time to Time Others As Stipulated by Bank from Time to Time.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(1) First charge (Present and Future) Hypothecation of whole of the assets of the borrower acquired/created out of bank finance under the project and plant and machineries, movables and immovable assets of M/S Marksans Pharma Limited, Kurkumbh, Pune Or in the course of transit or on highseas or on order or delivery (2) First pari passu charge on the block assets of the company both present and future (excluding the specific charge on plant and machinery/equipments finance by the bank/other banks)which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security at borrower factories, premises and godowns situated at roha plant and in the state of Maharashtra and Other acquired assets (3) First pari passu charge on immovable properties
Particulars of the present modification	By this modification limit remain same of Rs.418.000 Millions continued security as given by original charge as well as by modifications and all the assets/ machinery/ goods purchased out of enhanced limit/term loan, by this modification -there is change in security of immovable assets, hence immovable assets mentioned in memorandum will be security for current limits terms and conditions and as per sanction letter of the bank

FIXED ASSETS:

v Land and Building – (On Leasehold and Freehold land)

v Plant and Machinery

v Furniture and Fixtures

v Office Equipments

v Motor Car and Vehicles

v Bore-Wells and Water Connections

v Enterprise System

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.